Does it cost to transfer money from one bank to another?

No, it typically will not cost you anything to transfer money from one bank to another. However, keep in mind that your bank account may have a limit on the amount of transactions you can perform per month, so a transaction fee may apply if you've already exceeded your monthly limit.

How long do transfers take?

Transfer times vary depending on the service, destination, currency, funding method and many other factors. For example, Wise (formerly TransferWise) money transfers can be instant if you pay with a debit or credit card, but can take around 3 days if you fund the transaction through a bank transfer.

Can I set up a recurring transfer?

Sometimes. Some services will allow you to set up recurring transfers, whereas others will require you to make a new transaction each time you want to send money.

Can I transfer money between my own accounts as well as to accounts with other banks?

Yes. You can use the "payments and transfers" feature of your online banking account to transfer funds between your chequing and savings accounts or pay off your credit card, among other options.

Is there a maximum limit on the amount I can transfer?

Yes. However, limits vary depending on which service you use. Sometimes, you may send a larger amount, but a hold will be placed on the funds for several days, a week or even longer before the recipient can access the money. This is done for security purposes. In order to avoid such delays, talk to a representative from your bank to find out what limits are enforced as well as when and why a hold may be placed on transferred funds.

Can I cancel or change a transfer request?

In most cases, you won't be able to cancel or change a transfer once it has been sent. In fact, according to the detailed rules of the CDS , Canada's clearinghouse for electronic money transfers, once your bank has effectively transferred funds to the CDS via the Large-Value Transfer System, the money cannot be revoked. This allows the CDS to settle the transfer without interference so that the receiving bank can accept it and pass it on to the recipient. Some transfer service providers and banks may have a small window of time before funds have actually been claimed by the CDS to settle the transfer, during which you can cancel or change your request. It's important to check the policy before you make your transfer. Be sure to hang on to any receipts or confirmation documents/emails you receive for the transfer in case you need to reference this information while attempting to cancel.

What fees and charges apply to domestic transfers?

In most cases, you won't need to pay any fees when you send a domestic transfer, as many banks have accounts that allow you to send free e-transfers (either an unlimited number of times or up to a certain number of transactions). In other cases, the per-transfer fee is fairly small – typically less than several dollars. Be sure to check with your bank for confirmation before submitting a transfer request to avoid being surprised by unexpected fees.

How do I transfer money from RBC to CIBC?

You can transfer money from RBC to CIBC using RBC Online Banking or RBC Mobile Banking. In Online Banking, go to the "Quick Payments & Transfers" section and select the account you want to send money from. You can then add an Interac e-Transfer recipient in the "To:" field, enter the amount you want to transfer and click "Submit." In the app, tap "Move Money" and then "Send an Interac e-Transfer." You'll then be able to select the account you want to send from, enter your recipient's details and the amount you want to transfer.

Can I transfer money from TD to another bank?

Yes, you can transfer money from your TD account to an account at another bank through online or mobile banking. Simply log into your account, select "Send Money" and enter the details of the recipient you want to transfer money to. Then enter the amount you want to send and submit your transaction.